[2018-04-27] Alleged Crypto Pump and Dump Group Exposed by an Apparent Insider

[bbc.reporter]

It is nice to read some comedy new articles for a change hehehe.

Tradeogre was mentioned in the article and I quickly went to the site to take a look at the listed cryptocoins. I reckon the pumpers are accumulating Masari, Haven, Stellite and Graft because of their higher volume. Does anyone notice a pattern? They are coins based on Cryptonote which are harder to trace.



A number of crypto-traders have been caught red handed discussing pump and dump manipulations of tiny coins with a market cap of around $1-$5 million.

Their apparent plan  was to corner the market by buying around 25% of, in this case, Haven (XHV), a new coin that started trading only in the past two days.

Then, they claim they’d be able to control price movements, raising it and crashing it as they please. They do not discuss in detail how, but the first task was to get it on some mid-cap exchange.

XVH at that point was traded on such a small exchange even some of the participants had never heard of it. One of them commented he/she would not put a penny in that specific exchange, tradeogre.

A participant commented that he could easily get it listed on Bitfinex. Most however seemingly wanted it to be on Kucoin, a somewhat small exchange, but Kucoin had asked too much money for listing.

Once they cornered the market, they then planned to shill, not a nice word, to “promote” it, with the same above participant claiming he could maybe even get it on Forbes/Huffington Post.

Read in full https://www.trustnodes.com/2018/04/26/alleged-crypto-pump-dump-group-exposed-apparent-insider

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[entrepmind23]

This is the reason why we should not just blindly follow any trader even though some of his charts are spot on because of the possibility that he himself and his group has something to do with the market price. There are so many newbies in the crypto world and even those that are not newbie that have been rekt by these pump and dump groups.

I am guilty of joining some pump and dump groups before and I even have a software to buy and sell quickly but then decided to just stop because I lose more. I decided to just study and trade on my own. Those traders who are showing those charts are just for my reference and make my own analysis. Joining pump and dump groups is not advisable and there is also the risk of your account being suspended if the exchange detected that you are doing such scheme.

[Kemarit]

LOL. I was having a good laugh reading the article. So that's how they operate, mostly on unknown trading platform so the risk is small but the reward is big. The only coin I'm aware of is Haven, because I saw some threads in the speculation section asking about it but I didn't put too much emphasize on this shit coins. So let this article be a rude awakening for newbies not to join this so called pumpers group because you will eventually lose at the end and the one making a lot of money is group itself because they have really bought it quite cheap and suddenly dumps it so hard taking much of the profit in the end.

[hatshepsut93]

It shouldn't be any big news that crypto market is being manipulated, especially with smaller coins. Lack of regulation, overoptimistic and naive investors, newbies looking to get rich quick create the perfect conditions for pump and dump schemes. Often times the people behind cryptocurrency projects are themselves manipulating the market of their own coin, by leveraging their position and doing trades before their own announcements.

[bbc.reporter]

@hatshepsut93. You said Often times the people behind cryptocurrency projects are themselves manipulating the market of their own coin, by leveraging their position and doing trades before their own announcements.

Do you reckon Litecoin founder Charlie Lee is one of them? He often hypes and sometimes does fud on some cryptocoins that he likes and dislikes. Sometimes I reckon that he is leveraging his fame to influence the newbies.

He is also trying to do it with his own coin, litecoin, which his latest tweets are trying to say that he has bought back again.

[hatshepsut93]

@hatshepsut93. You said Often times the people behind cryptocurrency projects are themselves manipulating the market of their own coin, by leveraging their position and doing trades before their own announcements.

Do you reckon Litecoin founder Charlie Lee is one of them? He often hypes and sometimes does fud on some cryptocoins that he likes and dislikes. Sometimes I reckon that he is leveraging his fame to influence the newbies.

He is also trying to do it with his own coin, litecoin, which his latest tweets are trying to say that he has bought back again.

I don't think that FUDing other coins is a good market manipulation strategy, because in order to manipulate the market you also need the ability to do trades, and it's hard to short altcoins since they have no futures markets. You can only try to FUD to buy cheaper coins, but this is quite a risky move and can work only with big coins like BTC and ETH. Also there's really a lot of bad and scammy projects, so not all negative posts are FUD.

But as for hyping Litecoin and other coins, this can be a possibility, but I don't read his twitter often, so I can't tell for sure.

[stompix]

@hatshepsut93. You said Often times the people behind cryptocurrency projects are themselves manipulating the market of their own coin, by leveraging their position and doing trades before their own announcements.

Do you reckon Litecoin founder Charlie Lee is one of them? He often hypes and sometimes does fud on some cryptocoins that he likes and dislikes. Sometimes I reckon that he is leveraging his fame to influence the newbies.

He is also trying to do it with his own coin, litecoin, which his latest tweets are trying to say that he has bought back again.

Maybe he was one of them...
http://uk.businessinsider.com/litecoin-creator-charlie-lee-sells-entire-ltc-holding-2017-12
I doubt that was a marketing strategy at that time, more an excuse to cash out since he knew that bad times were coming. But I still like his attitude towards bcash anyway..

As for the guys in the article, judging by date and volume, this pump and dump worked for them unfortunately.
They claimed they had a deal for 14k satoshi and even now the coin is still at 37020...

[Betwrong]

@hatshepsut93. You said Often times the people behind cryptocurrency projects are themselves manipulating the market of their own coin, by leveraging their position and doing trades before their own announcements.

Do you reckon Litecoin founder Charlie Lee is one of them? He often hypes and sometimes does fud on some cryptocoins that he likes and dislikes. Sometimes I reckon that he is leveraging his fame to influence the newbies.

He is also trying to do it with his own coin, litecoin, which his latest tweets are trying to say that he has bought back again.

Imo it is almost impossible to apply this Pump and Dump strategy to alts like Litecoin which has around $400 million daily trading volume. You have to make a risky investment of dozens of millions USD for your actions to have an impact on the market. That's why they use practically unknown coins, like XHV ($160k daily  trading volume), listed on small exchanges for their manipulations.

[thefaucetrunner]

Sort of reminds me of the robber baron days of the stock market. Nowadays, we have access to so much more information. Always thoroughly investigate any ICO or coin you plan to invest in and even then count yourself lucky that you don't get screwed.

[audaciousbeing]

This is really not surprising for anyone who knows how the pump and dump group works. Its simple create a telegram channel, get people to join then start by telling them to focus on a particular coin and because such coin wont be a popular one, the amount needed to control it wont be that much compared to the popular ones with high market capitalization value. What they do is market manipulation at the expense of innocent traders wanting to make legitimate trading activities and make money from such. The people on the winning side are surely the admin and some unscrupulous developers who can always connive with them to push out their worthless coins. The fact is not every coin price that looks green is actually green without some human manipulations at a low level.

[bbc.reporter]

@hatshepsut93. You said Often times the people behind cryptocurrency projects are themselves manipulating the market of their own coin, by leveraging their position and doing trades before their own announcements.

Do you reckon Litecoin founder Charlie Lee is one of them? He often hypes and sometimes does fud on some cryptocoins that he likes and dislikes. Sometimes I reckon that he is leveraging his fame to influence the newbies.

He is also trying to do it with his own coin, litecoin, which his latest tweets are trying to say that he has bought back again.

Maybe he was one of them...
http://uk.businessinsider.com/litecoin-creator-charlie-lee-sells-entire-ltc-holding-2017-12
I doubt that was a marketing strategy at that time, more an excuse to cash out since he knew that bad times were coming. But I still like his attitude towards bcash anyway..

As for the guys in the article, judging by date and volume, this pump and dump worked for them unfortunately.
They claimed they had a deal for 14k satoshi and even now the coin is still at 37020...

I reckon that will not be Charlie Lee's last move on litecoin. After selling on the absolute high, he will be buying again on the lowest point of the year and start hyping his own coin again. Yet we also see him fud some coins on Twitter. That is hypocritical of him.

It might be better for him if he stays silent. Can you imagine Satoshi pumping bitcoin like a scammer?

[imsotiredofmoviereboots]

Even after they got exposed, it's very easy for them to make another name and grou after this if they want to. There are lot of pump and dumpers around crypto and the best thing to eradicate them is to educate investors properly.

[Alex077]

@hatshepsut93. You said Often times the people behind cryptocurrency projects are themselves manipulating the market of their own coin, by leveraging their position and doing trades before their own announcements.

Do you reckon Litecoin founder Charlie Lee is one of them? He often hypes and sometimes does fud on some cryptocoins that he likes and dislikes. Sometimes I reckon that he is leveraging his fame to influence the newbies.

He is also trying to do it with his own coin, litecoin, which his latest tweets are trying to say that he has bought back again.

Imo it is almost impossible to apply this Pump and Dump strategy to alts like Litecoin which has around $400 million daily trading volume. You have to make a risky investment of dozens of millions USD for your actions to have an impact on the market. That's why they use practically unknown coins, like XHV ($160k daily  trading volume), listed on small exchanges for their manipulations.

You noticed quite right about litecoin and other coins with a big capitalization, but it's not that simple with small coins. Even if you buy 15-25% of all coins, to get a profit after a PUMP, you need to handle a really massive advertising campaign and attract a large number of users. This kind of scheme works perfectly on the fake news or with insides..

[Notcalculator]

Even after they got exposed, it's very easy for them to make another name and grou after this if they want to. There are lot of pump and dumpers around crypto and the best thing to eradicate them is to educate investors properly.

I agree. Really there's no stopping them unless we ban "small" coins on exchanges. It's hard to educate people though. Once promised with quick cash, most logical processes on their heads just stop working. And especially because as investors, they need to be ahead of the curve and that makes them especially vulnerable.

[gabbie2010]

Even after they got exposed, it's very easy for them to make another name and grou after this if they want to. There are lot of pump and dumpers around crypto and the best thing to eradicate them is to educate investors properly.

I agreed with you on this is another problem in Cryptos where some few individuals ( whales) will want to control the market to the detriment of the larger few coin hodlers by pumping and dumping the coin this is a bad omen in the future of the coin

[kevoh]

Even after they got exposed, it's very easy for them to make another name and grou after this if they want to. There are lot of pump and dumpers around crypto and the best thing to eradicate them is to educate investors properly.

I agree. Really there's no stopping them unless we ban "small" coins on exchanges. It's hard to educate people though. Once promised with quick cash, most logical processes on their heads just stop working. And especially because as investors, they need to be ahead of the curve and that makes them especially vulnerable.

Who are this "we" you are referring to? For all we know a pump and dump group can even go as far as having and running their own exchange. How then do "we" ban these so-called small coins on a pump and dump exchange

[SaShiRaJaVu]

Do you reckon Litecoin founder Charlie Lee is one of them? He often hypes and sometimes does fud on some cryptocoins that he likes and dislikes. Sometimes I reckon that he is leveraging his fame to influence the newbies.

He is also trying to do it with his own coin, litecoin, which his latest tweets are trying to say that he has bought back again.

This market has turned out to be a speculative market, Charlie Lee is the best example, he just wanted to ride the market and that is the case with John McAfee who is willing to advertise any coin if he is given his share and we have seen Mayweather and other sports stars advertising ICOs, the only thing you have to be careful is to fall for these traps.

[bbc.reporter]

Does Charlie Lee hype other cryptocoins besides his litecoin? I reckon he hyped Nano. Or maybe shilled is the right word hehehe.

In any case, it is not good for a man of his position.

[Getcoinsite]

Even after they got exposed, it's very easy for them to make another name and grou after this if they want to. There are lot of pump and dumpers around crypto and the best thing to eradicate them is to educate investors properly.

I agree. Really there's no stopping them unless we ban "small" coins on exchanges. It's hard to educate people though. Once promised with quick cash, most logical processes on their heads just stop working. And especially because as investors, they need to be ahead of the curve and that makes them especially vulnerable.

Its not about pumps and dumps "coin" he means,thats investors hes talking about they are the one who pumps and dumps those coins they wanted too meaning it doesnt care if thats a small coin or big,if they can to it in bitcoin so what more to other altcoins?

Does Charlie Lee hype other cryptocoins besides his litecoin? I reckon he hyped Nano. Or maybe shilled is the right word hehehe.

In any case, it is not good for a man of his position.

Its not impossible for him to hype any coins by choice since the cards is in his hands,but for me why not hype his litecoin to the top or even atleast permanent taking the top 3 position

[prehisto]

I think most of us have seen pump and dumps for especially for small coins.
Be careful that  is all to say for it, this is the downside of non regulated market.

Also it is not a surprise about Forbes , have seen there '' bought articles'' which professionally promotes even prescription medicine online vendors ,also recently there was an article which discussed forbes articles - that they can be bought.